legislation: 113-hr-5427

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
113-hr-5427 113 hr 5427 Savings Accounts for a Variable Economy for Small Businesses Act Taxation 2014-09-09 2014-09-09 Referred to the House Committee on Ways and Means. House Rep. Israel, Steve [D-NY-3] NY D I000057 1 SAVE for Small Businesses Act or the Savings Accounts for a Variable Economy for Small Businesses Act - Amends the Internal Revenue Code to provide for tax-exempt small business savings accounts. Allows tax deductible contributions to such accounts of not more than 10% of the gross profits of an eligible small business (persons employing an average of 50 or fewer full-time employees) for the preceding taxable year. Excludes qualified distributions from such accounts from gross income for income tax purposes. Defines "qualified distribution" as: (1) any amount that is distributed from a small business savings account during a specified period of economic hardship, and (2) the distribution of which is certified as being part of a plan that provides for the reinvestment of such distribution for the funding of worker hiring or financial stabilization for the purposes of job retention or creation. Directs the Secretary of the Treasury to: (1) establish minimum standards for small business savings accounts that seek to minimize fees and risk of loss of principal, and (2) ensure a range of investment risk options available to account beneficiaries. 2023-01-11T13:25:38Z  

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